New Delhi: Defence Minister AK Antony on Friday called for reducing India's over-dependence on defence imports and bolstering research and development capabilities. Speaking to officials of Ordnance Factory Board (OFB) and defence public sector undertakings (DPSUs), Antony asked them to make sincere and sustained efforts to reduce the dependence on imports to the maximum extent possible. "While in the era of globalisation, it is not possible to completely do away...
12:58 AM, Oct 06, 2012
India's current account deficit for the April-June quarter came in at USD16.4 billion, lower than another USD 17.4 billion in the first quarter of last year as well as lower than the USD 21.7 billion in the previous quarter, (Q4FY12). As a percentage of the gross domestic product (GDP) the current account deficit works out to 3.9 per cent lower than the 4.3 per cent, reports CNBC-TV18's Latha Venkatesh. It...
10:24 AM, Sep 29, 2012
New York: In a preliminary move, a federal judge has denied Samsung's request for a ban on imports of the iPhone, iPad and iPod. It's another setback for Samsung in a globe-spanning legal battle, where each company is accusing the other of violating its patents. A judge at the International Trade Commission in Washington ruled Friday that Apple doesn't violate four Samsung patents. The judge also found that the patents...
11:45 AM, Sep 16, 2012
Mumbai: Bollywood actor Saif Ali Khan was on Saturday questioned for over three hours in connection with alleged evasion of duty on his imported high-end car. The Enforcement Directorate (ED) sources said that the actor was questioned over the mode of payment. Officials suspect that the payment for purchase of the car was made outside India and ED was investigating under the provisions of the Foreign Exchange Management Act (FEMA)....
06:59 PM, Sep 08, 2012
Mumbai: The import of gold is likely to decline by 40 per cent in the last four months of the year to about 200 tonnes due to fall in demand for the yellow metal amid high prices and poor monsoon, Bombay Bullion Association said on Tuesday. "Import of the precious metal is not very encouraging and we expect about 40 per cent drop in shipments into the country at 200...
09:07 PM, Aug 21, 2012
Mumbai: China is likely to overtake India as the largest importer of gold this year on the back of huge demand for the precious metal for jewellery and investment in the world's second-largest economy, World Gold Council (WGC) said on Thursday. "In the first half, China's demand for gold stood at 417 tonne surpassing India's 383.2 tonne in the same period," WGC Managing Director (India and Middle East) Ajay Mitra...
03:40 AM, Aug 17, 2012
New Delhi: India's exports declined by 5.45 per cent to $25.07 billion in June, registering a sharp drop for the second month in row due to weak demands in North America and European countries, government data showed on Wednesday. Imports slumped by 13.46 per cent to $35.37 billion, leaving a trade deficit of $10.3 billion. Cumulative value of exports for the period April-June 2012 was $75.20 billion as compared to...
06:07 PM, Aug 01, 2012
New Delhi: Textile mills have started importing cotton and are likely to purchase 2 million bales in 2011-12 marketing year ending next month, as excess exports have led to shortage of the fibre in the domestic market. India, the world's second largest cotton grower, has exported about 12.5 million bales (of 170 kg each) in 2011-12 marketing year (October-September) so far. "There is a shortage of cotton in the domestic...
05:48 PM, Aug 01, 2012
Washington: Scientists have claimed that India and China, Asia's largest corn producers, will experience severe dry conditions due to climate change, prompting them to import corn from Tanzania which would face comparatively wet weather. Researchers from Stanford University, the World Bank and Purdue University found that in the years countries such as India, China and the US are forecast to experience severe dry conditions, Tanzania's weather will likely be comparatively...
04:59 PM, Jul 29, 2012
New Delhi: India's exports fell nearly 5.5 per cent in June due to weak demand from Europe and the United States, a trade ministry official said, adding pressure on Asia's third-largest economy. Imports also fell sharply, thanks in part to lower global oil prices, narrowing the trade deficit to $10.3 billion, something of a silver lining that may help assuage concerns about India's balance of payments. Exports were down 5.45...
03:13 PM, Jul 13, 2012
Mumbai: Even as the country struggles to get the balance of trade into the positive territory, global bank HSBC on Monday said the country's imports would rise faster than the exports in the next five years. "India's import growth will overtake its export growth in the next five years. The forecast is consistent with a developing global shift where traditionally export-driven emerging markets will become global trade hubs and important...
07:43 PM, Jul 09, 2012
Mumbai/Bangalore: The BSE Sensex should gain 10 per cent between now and the end of the year, though only reaching levels seen in July 2011, provided economic growth recovers from a recent lull, a Reuters poll showed on Thursday. The 30-share BSE index will rise to 18,750 points by the end of 2012, according to the median forecast from a survey of 22 investment houses conducted over the past week,...
02:25 PM, Jul 01, 2012
Mumbai: The sharp depreciation of the rupee over the last few months was driven by a combination of global as well as domestic factors and the future exchange rate movement will depend on fixing these issues, Reserve Bank Governor Duvvuri Subbarao said on Tuesday. While the high current account deficit, higher trade deficit driven by rising imports, led by gold and oil, are the domestic factors, the ongoing Eurozone crisis...
02:32 AM, Jun 20, 2012
Mumbai: Worried over flow of savings for investment in gold, Finance Minister Pranab Mukherjee on Saturday said there is a need to spread financial literacy to encourage people to invest in market instruments. Pointing out that India's gold import surged to $60-62 billion in last fiscal, the Minister regretted that people are investing in gold with the expectation that the value of their investment would appreciate. "Quantum of import of...
02:21 AM, Jun 17, 2012
New Delhi: India's exports grew by a mere 3.2 per cent year-on-year to $24.4 billion in April 2012 mainly due to the slow demand in western markets like Europe. Exports stood at $23.6 billion in April 2011, according to data released by the Commerce Ministry in New Delhi on June 1. Imports during the first month of the current fiscal grew 3.8 per cent to $37.9 billion, leaving a trade...
03:31 PM, Jun 01, 2012
New Delhi: With rupee plunging below the 55-level against dollar, which benefits exporters, global buyers are putting pressure on Indian exporters to offer 10-15 per cent discount on shipments. The country's apex exporters body FIEO, however, said the continuous fall in the domestic currency will not help exporters much. "Global buyers are putting pressure for more and more discounts. They are asking for about 10-15 per cent. They want to...
04:38 AM, May 22, 2012
Mumbai: The steep fall in rupee may put some inflationary pressures on the economy as the cost of imports will go up, experts said on Thursday. "Though crude prices have been falling in recent past, decline in the rupee is offsetting its positive impact. I feel, the current spate of depreciation of the rupee is somewhat inflationary due to rise in import costs," Crisil Chief Economist DK Joshi said. The...
09:38 PM, May 17, 2012
New Delhi: India has become the largest importer of arms, surpassing the Chinese share of five per cent of global arms imports during 2007-11, government told the Rajya Sabha on Wednesday. "As per a report published in March 2012 by the Stockholm International Peace Research Institute (SIPRI), India has become the largest importer of arms during 2007-11 and accounted for 10 per cent of global arms import as compared to...
03:48 PM, May 16, 2012
New Delhi: The US has denied allegations of bullying India to cut oil imports from Iran. Speaking exclusively to CNN-IBN's Suhasini Haider, US Ambassador Nancy Powell said one of their diplomats had been misquoted on the issue. Following is an excerpt of the interview: Suhasini Haider: India still faces financial sanctions from the US on the subject of Iran. India has month cut its oil imports by 34 per cent....
09:02 AM, May 16, 2012
New Delhi: Succumbing to US pressure, India has decided to cut crude oil import from Iran by over 11 per cent this fiscal to 15.5 million tons. India, which imports 80 per cent of its crude oil and relies on Tehran for 12 per cent of those imports, shipped 18.50 million tons of oil from Iran in 2011-12, Minister of State for Petroleum and Natural Gas RPN Singh said in...
02:13 PM, May 15, 2012
